Stripe launches fiat-to-crypto onramp service

Stripe, the payments infrastructure provider for online businesses, announced the launch of a platform to convert fiat into digital assets.

We’re introducing a Stripe-hosted fiat-to-crypto onramp (no code required) and unlocking the waitlist for the embeddable onramp. ? https://t.co/U9OW2cjFrZ pic.twitter.com/jjmkDUiOqc

— Stripe (@stripe) May 4, 2023

According to the statement, the Stripe Onramp initiative simplifies access Web3-companies and US-based customers to purchase cryptocurrencies.

Users and developers can choose one of two ways to use the service. The first allows embedding a Stripe payment widget on a website, and the other redirects customers to a separate page.

‘Onramp is designed to optimize conversion and authorization rates, which increases the likelihood of successful transactions. The service includes built-in tools for identity verification and fraud prevention to help companies comply with KYC requirements,’ the press release said.

Web3 companies Brave, Safe, 1inch and Lens Protocol participated in the platform’s development. These projects are also integrating Stripe Onramp into their services.

In April 2022, Twitter added the ability to pay rewards in USDC on the Polygon blockchain via Stripe.

In January 2023, the social network, together with the payments platform began testing the cryptodonations feature.